The board of Catena Media Plc has authorised the buyback of in excess of 7 million ordinary company shares, listed on the Stockholm Nasdaq exchange.
The order was granted as an outcome of an extraordinary general meeting (EGM) held on 14 July 2021, in which the board disclosed its plans to enhance the company’s “flexibility in distributing capital to shareholders and promote a more efficient capital usage”.
The decision will see Catena repurchase ordinary shares for a period of 18-months following the EGM date.
As disclosed to the Stockholm Nasdaq, Catena agreed that its repurchase will not exceed 10% of the company’s existing shareholding that currently stands at 73 million shares.
In adherence with Stockholm Exchange rules, Catena’s buyback will guarantee investors an interval market price between highest and lowest trading values in order to activate a repurchase offer on any given date.
A listed business since 2014, Catena completed the full migration of its company shareholding onto the Stockholm Nasdaq in September 2017.
As of 13 September, Catena’s Stockholm share price stands at SEK 48.50 (€4.71). The business registered a peak share price of 145 SEK (€14.10) during H2 2018 ahead of the launch of Sweden’s re-regulated online gambling marketplace beginning in 2019.
Last week, the firm announced a major North American development, agreeing to acquire US sports publisher i15 Media LLC for a total consideration of $45 million. The deal will see its North American portfolio expanded by more than 100 new sites and wagering domains.